Betterment Checking Review [2024]: Ditch the Fees With This Travel-Ready Checking Account

Betterment checking account basics

APY	Not an interest-bearing account
Minimum balance for APY	$0
Minimum deposit to open account	$0
Monthly maintenance fees	$0
ATM access	Yes, use any ATM worldwide with fees refunded
Transaction limits	Up to $510 per day in ATM withdrawals Up to $2,000 per day for debit card transactions
FDIC insured	Yes
Rewards	Cashback rewards offered at a number of retailers, including Costco, adidas, and Sam’s Club

Although the Betterment checking account does not earn any interest, it should be noted that most checking products are not interest-bearing accounts. If you are looking for an account with a high annual percentage yield (APY), you might be better off looking into a savings vs. checking account. Specifically, high-yield savings accounts will offer you the best interest rates.

Betterment checking account fees

Overdraft fee	$0
Stop payment fee	$0
ACH transfers	$0
Incoming wire	$0
Outgoing wire	None, Betterment does not support outgoing wire transfers from checking accounts

Advantages of Betterment checking accounts

The Betterment checking account is truly a hassle-free experience and offers some key benefits as part of its fintech-oriented lineup. Here are a few of the features of Betterment checking that are most worth mentioning:

• Contactless debit card. Just tap your Betterment Visa debit card on any contactless pay terminal for even faster transactions.
• ATM and foreign transaction fee reimbursement. Use your debit card at any ATM worldwide where Visa cards are accepted, and Betterment will reimburse any ATM-associated fees. It will also reimburse the 1% fee from Visa that applies to foreign transactions, purchases, and ATM transactions. Translation? You get to shop or withdraw cash without paying fees.
• Mobile app. Like many of the best checking accounts, Betterment also offers an easy-to-use mobile app for both Apple iOS and Android devices. From the app, you can do things like check your account balance, initiate a transfer, change your PIN, or even lock your card if you’ve misplaced it. And if you decide to open any other types of accounts through Betterment — like a high-yield savings account, retirement account, or investment account — you can access those through the app too.
• No sneaky fees. In addition to reimbursing ATM fees and foreign transaction fees, Betterment has also eliminated overdraft and account minimum fees. If a transaction would cause your account to go into overdraft, Betterment will simply block the transaction from happening, without charging any penalty. You’ll also never need to worry about keeping a minimum balance in your account.
• No minimum deposit to get started. You won’t need to come up with a minimum deposit or account balance to start using this checking account. Any amount you want to start with is fine, and you can withdraw that money whenever you like.
• Cashback rewards. The Betterment checking account offers instant cashback rewards when you use your debit card at certain retailers like Sam’s Club and Costco. The rewards can change at any time but often offer up to 5% back on select purchases. To see what rewards are available at a given time, navigate to the “Earn Rewards” section of the app or website.

Disadvantages of Betterment checking accounts

The Betterment checking account offers a great overall experience. However, there are a few elements that may turn certain users away.

• Relatively low transaction limits. While transaction limits vary across different financial institutions, the $510 daily ATM withdrawal limit and the $2,000 daily limit on debit card transactions are relatively low when compared to some of the big banks. However, Betterment does state that these limits may be temporarily adjusted to accommodate for specific purchases.
• Availability of physical checks. Having the ability to write a physical check is convenient when it comes to paying certain bills. While Betterment does offer paper checks, you cannot order them directly from the company. Instead, you will have to obtain a verification letter from Betterment and then order the checks from a verified merchant, like Costco, Walmart, or Vistaprint. Although this is a similar process to ordering custom checks, some potential customers may find this inconvenient.
• No physical locations. While this is increasingly common in the financial space, Betterment operates entirely online and does not offer any physical branches. If you are someone who prefers in-person customer service for support, Betterment is probably not the best choice for you.

Who is Betterment checking best for?

Betterment checking makes the most sense for two types of people:

1. Anyone who wants a simple, fee-free checking account
2. Frequent travelers who want a checking account to use in different countries

Personally, I fall a bit into both categories. I want a no-stress checking account that will help me manage my money on a daily basis, and Betterment checks all of the boxes there. The app is user-friendly and offers security features that make me feel confident in the safety of my money.

There’s no minimum deposit requirement and no monthly maintenance fees to worry about. And you don’t have to worry about overdraft fees, either. That can provide immense peace of mind for anyone who sometimes carries a low balance.

Plus, I value that Betterment offers a range of accounts for my different financial needs. While the checking account is great for travel, I can also access my Roth IRA and my savings account from the same app. Having the option of a one-stop shop for all of your financial needs is a huge perk that not all online financial institutions offer.

I also enjoy traveling, and I know how important it is to have access to cash. With Betterment, I won’t have to worry about pesky ATM fees in other countries.

And even in countries where I won’t use as much cash, I still want to avoid foreign transaction fees when I make a debit card purchase in a different currency. With Betterment, I know that those fees will be reimbursed.

How to open a Betterment checking account

If you decide that a Betterment checking account is right for you, setting up an account is relatively straightforward. You must be at least eighteen years old and live in the United States full-time to complete your new account registration.

To begin setting up your account, you will need to complete the following steps:

1. Navigate to the Betterment checking page and select "Get started."
2. Choose the "Checking" option.
3. Fill out your information as Betterment leads you through the setup process.

When I set up my own Betterment account, I was able to go through the process in about ten minutes. Betterment first asked me for personal information like my address, phone number, date of birth, and Social Security number. It then prompted me to set up security questions and asked me a series of other questions such as my employment status, tax filing status, and investing experience.

You should plan on having as much of this basic personal information ready as you can. It is also helpful to have the information for the bank account from which you would like to pull your initial deposit. The company can also accept initial deposits via direct deposit, mobile check deposit, or from peer-to-peer payment platforms such as Venmo, PayPal, and Zelle.

How to withdraw money from a Betterment checking account

You can withdraw money from your Betterment checking account by using an ATM to withdraw cash or by transferring funds to an account at a different financial institution.

Be aware that while ATM transactions will immediately change your account balance, electronic withdrawals can take longer to process.Therefore, you shouldn’t assume your account balance reflects your actual available money, and you also shouldn’t rely on Betterment if you need to access a large amount of money quickly.

For example, transfers to an external linked bank account may take up to two business days to be completed. There are other situations in which transactions can take up to six business days. Check the Betterment Transaction Timetable for more details so you have an accurate understanding of your account balance and the time it will take to withdraw your money.

Betterment customer service

To get help with your Betterment checking account, you can call the company’s customer line directly at 718-400-6898. Customer service is available Monday to Friday between 9:00 a.m. and 8:00 p.m. Eastern.

You can also use Betterment’s virtual assistant 24/7 for any basic questions you may have. I have asked the virtual assistant for help with depositing checks and finding account features, and I find it to be a generally easy-to-use and helpful tool.

Like many financial services offered today, Betterment operates entirely online, which means you won’t be able to visit a physical branch for support.

Betterment checking account FAQ

Bottom line

The Betterment checking account is a great option for anyone looking for an easy-to-use, everyday checking account. Although Betterment checking doesn’t offer the in-person support some people may want, it does a great job offering convenient services such as mobile banking and reimbursed ATM and foreign transaction fees.

With all these features in mind, the Betterment checking account is comparable to those of the best banks. It is a good fit for anyone who wants the freedom of a debit card without minimum balance requirements, as well as for frequent travelers looking to use their debit card abroad without racking up tons of fees.